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Millipore Reports Flat Q1 Revenue Growth Atop Strong Net Income

NEW YORK, April 16 - Millipore today reported anemic first-quarter revenue, a mild increase in R&D spending, and a significant jump in net income.

 

Total revenue for the quarter ended March 31 was $167 million, a three-percent hop from the $163 million it reported year over year. Revenue in the Americas were flat, at $76 million, while sales in Europe and Asia/Pacific regions saw increase of $3 million and $2 million, respectively, the company said.

 

R&D spending in the quarter increased to $12.4 million from $10.7 million in the year-ago period, while sales and marketing costs jumped to $55 million from $48 million one year ago, according to Millipore.

 

Net income in the quarter excluding restructuring costs, meanwhile, came in at $22.6 million, or $.40 per share, compared with $5.2 million, or $.15 per shares, in the year-ago period.

 

Millipore, of Bedford, Mass., said it had $69.6 million in cash and cash equivalents as of March 31.

"We had solid earnings in the first quarter despite less than expected revenue growth," Francis Lunger, president and CEO of Millipore, said in a statement. Millipore said earlier in the month that revenue would miss its own expectations by $5 million. "As we announced earlier in the quarter, our revenues were impacted by a rescheduling of biotech orders due to changes in the timing of drug approvals and by a slowdown in sales of our legacy products to the beverage market.

"We remain very optimistic about the biotechnology market but continue to expect quarter to quarter variations in growth from high single digits to over twenty percent," Lunger went on. "We also remain very optimistic about our life science research market. Given current market trends and our new product launch schedule, we expect improvements in revenue and earnings performance throughout the rest of 2002."

 

Shares of Millipore closed up 3.81 percent, or $1.47, to $40.05 in Nasdaq trading on Tuesday. The company reported its earnings after the close of market today.

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